When purchasing life insurance, there are many underlying reasons why the applicant may be doing so. For some, it is to replace income for a spouse and for young children so that they do not have to drastically change their current lifestyle if the breadwinner were to pass away unexpectedly. For others, it may be to pay off a large debt such as one’s mortgage balance.
Others, however, may also need to ensure that their final expenses are covered. In other words, these individuals want to make sure that their loved ones have enough money to pay off the cost of their funeral and other related costs.
Today, the cost of the average funeral can be in excess of $10,000. Although that price may sound extremely high, the truth is that when you factor in all of the related items such as a headstone and burial plot, transportation and flowers, and even the memorial service itself, the expenses can really add up.
The unfortunate reality is that there are many families who do not have this amount of money that is readily available – and because of that, it may be necessary to either dip into savings or to sell off other family assets in order to come up with the needed funds. Others may be required to put the cost on credit – which can in turn, put them into even more of a financial hardship.
But having a burial insurance policy can help to alleviate a great deal of this financial stress and worry for your loved ones. Burial insurance – also known as funeral insurance or final expense life insurance – is a type of life insurance coverage that is designed for paying out proceeds quickly to the beneficiary so that the cost of the insured’s funeral and other expenses can be paid off, eliminating a great deal of stress and worry for survivors at an already emotional and difficult time for them.
How to Purchase Burial Insurance Coverage
When purchasing burial insurance coverage, you will want to be sure that you have enough face amount to cover the cost of your final expenses – plus more, such as any final medical expenses that you may also incur at that time.
In addition to the amount of coverage, you will also want to check and make sure that the insurance company that you purchase the policy from is strong and stable financially. You can do so by checking the company’s ratings, as well as their rating from the Better Business Bureau. Ensuring that the life insurer pays out its claims to its policyholders will be a key factor in whether or not you should move forward with your policy purchase decision.
History and Policies of American National Insurance Company
American National Insurance Company began in 1905 and has been offering insurance for more than 110 years. The company has its headquarters in Galveston, TX, and it has many different subsidiaries. The insurer also has operations in various areas that are located throughout the U.S., including in Glenmont, New York, Springfield, Missouri, and League City, Texas.
Affiliated companies include the following:
- American National Property and Casualty Company
- American National Life Insurance Company of New York
- Farm Family Companies
- Standard Life and Accident Insurance Company
- Garden State Life Insurance Company
- American National Life Insurance Company of Texas
The company provides a wide variety of different types of life insurance coverage, as well as health insurance, annuities, and pension plan products. American National offers many of its life insurance products through ANICO Direct, a marketing division of American National Insurance Company.
American National is considered to be a strong and stable company, and it has been given an A (Excellent) rating by A.M. Best Company, as well as an A+ (Strong) rating by Standard & Poor’s. In addition, the company for two years in a row has been included in Forbes Magazine’s list of “100 Most Trustworthy Companies.”
In addition, the company’s customer service is also known for being top notch. Customer questions are answered quickly – and the company has a website that is loaded with a great deal of information for policyholders, as well as potential clients.
Although American National Life Insurance Company is not accredited by the Better Business Bureau (BBB), the company has received a rating of A+ (on a rating scale of between A+ to F) from the BBB. In addition, there have been no complaints over the past three years.
The burial insurance that is offered via American National Insurance Company is considered to be very competitive in the industry. The proceeds are paid out very fast to the policy’s beneficiary so that final expenses can be paid quickly and without additional worry.
These are whole life insurance plans which means that there is both death benefit protection, as well as a cash value component. The cash value is allowed to grow on a tax deferred basis – which allows the funds to grow without being taxed each year. This can provide the ability for the funds to grow and compound a great deal over time. The amount of the premium will be locked in for the entire life of the policy – regardless of any changes in the health condition of the insured.
In addition, there is no medical examination to contend with for the policy approval process. This means that there is no need to provide a blood and urine sample – and because of this, there are many applicants who, even with adverse health conditions, can likely qualify for this coverage. In fact, as long as the premium remains paid, the policy will remain in force. No medical exam life insurance also means that there are no test results to wait for – and that policies can be approved within a much shorter period, providing life insurance coverage to those who need it fast. This is the same for a guaranteed issue life insurance policy as well.
The insured can include an Automatic Premium Loan Provision on their policy. By doing so, they can be protected from having their life insurance policy cancelled because he or she did not pay a premium on time. With this option, the premium will still be paid by the policyholder – automatically – by a loan against the cash value of the policy, as long as there is enough cash value that has been built up by that time inside of the cash value component in order to cover such a loan.
The loans that are taken from a whole life insurance policy are not required to be paid back by a policyholder. It is, however, important to note that if there is an unpaid balance at the time of the insured’s death, the unpaid amount will be charged to the death benefit amount that is paid out to the named policy beneficiary. Therefore, it will be important to let the beneficiary know of this.
How and Where to Obtain Burial Insurance Premium Quotes
If you are seeking burial insurance premium quotes, typically the very best way to go about doing so is to work with either a company that has more than just one life insurance carrier. This is so that you can directly compare – in an unbiased manner – the policies, the benefits, and the premium amounts of multiple insurers, and then make a determination regarding which one will be the best for you and for your budget.
When you are ready to make a burial insurance policy comparison, we can help. We work with many of the top life insurance companies in the marketplace today, and we can assist you with obtaining all of the pertinent details that you will need in making a much more informed purchasing decision. We can do this for you extremely quickly, easily, and conveniently – all from your home computer, and all without the need to meet in person with a life insurance agent. So, if you are ready to proceed, fill out the form on this page to see your first set of quotes with no obligation or phone calls.
Should you discover that you have any further questions along the way regarding burial insurance policies from American National Life Insurance Company – or even regarding life insurance in general – our experts will be happy to assist you with your questions and / or concerns. We are well versed in working with individuals in terms of ensuring them on the right type of coverage to obtain, the right amount of coverage for their needs, and in deciphering which carrier may best suit their specific burial insurance coverage needs. We can be reached directly via phone, toll-free, by calling 888-389-8676.
We understand that the purchase of any kind of life insurance coverage may be a bit overwhelming. That is why we want to ensure that you feel comfortable prior to moving forward with your ultimate buying decision. So, contact us today – we are here to help.
Other Life Insurance Company Reviews
We recommend that before you make your final life insurance purchase decision that you look over all of our company reviews and do your research before you decide which company is best for your needs.